Everett Stone Manufacturer Expands With Help From MassDevelopment Bond
January 16, 2013
MassDevelopment has issued a $5.3 million tax-exempt industrial development bond on behalf of Cubi Realty LLC, a real estate holding affiliate of Cumar, Inc., one of New England’s leading manufacturers of fine architectural stone. Cumar will use bond proceeds to purchase and renovate 72,000 square feet of space in an Everett industrial building, creating 15 jobs as a result of the project. The company currently occupies and leases 40,000 of the 72,000 square feet, and its manufacturing space will expand into the remaining 32,000 square feet. MassDevelopment enhanced this financing with a mortgage insurance guarantee. East Boston Savings Bank purchased the bond.
“We’re pleased to support Cumar’s expansion in a Gateway City,” said MassDevelopment President and CEO Marty Jones. “This low-cost financing allows Cumar to grow and to add more than a dozen employees.”
Founded in 1992, Cumar serves a client base that includes Battery Wharf, The Intercontinental Hotel, Fenway Park, and several other Boston hotels. The company specializes in producing a variety of custom stone products, including marble and granite vanity tops and kitchen counters. Renovations will include electrical upgrades, insulation improvements, new floors, plumbing, and HVAC. Cumar will also remodel the building's second floor space for offices and meeting rooms and expand its showroom.
“Without MassDevelopment’s help, we would not be able to put the resources necessary towards funding this expansion,” said Cumar Owner Angelo Ivo Cubi. “We are eager to start the renovations and get our new manufacturing facility up and running.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.